Bitcoin Remains Strong Despite US Tariff Storm... "Long-term Outlook Still Positive"

Despite Trump's Tariff Fears

Option Traders Betting on 'Long-term Bullish' Trend

Upward Trajectory Expected Despite Macroeconomic Crisis

Amid the global tariff war initiated by US President Donald Trump that has impacted Bitcoin prices, investors are still maintaining a long-term bullish outlook on Bitcoin (BTC), according to a recent analysis.

On the 12th (local time), as the Trump administration's 25% tariffs on steel and aluminum took effect, the tariff war has become unpredictable. The European Union (EU) and Canada immediately responded by imposing tariffs on American products worth approximately 41 trillion won and 30 trillion won, respectively. The uncertainty caused by the global tariff war has negatively affected asset markets. Despite US February Consumer Price Index (CPI) and Producer Price Index (PPI) both coming in below market expectations, suggesting a slowdown in inflation, fears over tariffs caused Nasdaq and Bitcoin to fall by 1.96% and 5.25% respectively the previous day (13th), reflecting dampened market sentiment.

However, option traders dealing in long-term market outlook prediction products still forecast an upward trend for Bitcoin. According to data from the cryptocurrency options trading platform Deribit as of the 14th, Bitcoin options expiring in June have a strike price of $83,423, higher than the current spot price ($81,995), while December expiry options are at $86,536.

Investor sentiment concentrated on call options (betting on price increases) adds strength to this outlook. According to data from cryptocurrency analytics platform CoinGlass, the put-call ratio of Deribit's open interests by strike price is 0.35, indicating that call options are showing much stronger demand compared to put options. In particular, $100,000 call options and $120,000 call options have recorded open interest volumes of $1.6 billion and $1.3 billion respectively, receiving the most attention among option products. This appears to reflect investors' strong belief that Bitcoin could rise to $120,000 in the long term.

Bitcoin Fundamentals Solid... Upward Trajectory Expected Despite Crisis

The main reason for the continued bullish outlook on Bitcoin, despite heightened macroeconomic uncertainty, is its strengthened 'fundamentals' (intrinsic value).

Crypto Dan, an analyst at CryptoQuant, told BloomingBit, "Despite the macroeconomic risks due to President Trump's aggressive policies, Bitcoin's fundamentals, including on-chain data, remain strong," adding, "As a result, many investors are forecasting an upward trajectory for Bitcoin from a long-term perspective."

According to CryptoQuant data, despite the recent decline in Bitcoin's spot price, the realized price has steadily increased, reaching the $43,500 level. Bitcoin's realized price, which represents the average purchase price of all investors, indicates that new investor funds continue to flow into Bitcoin. As the realized price level rises, investors' Bitcoin purchase prices increase, strengthening resistance to selling Bitcoin.

The number of wallets holding Bitcoin, which indicates the activity of the Bitcoin network, is also showing an upward curve. According to data from on-chain analytics platform Santiment, the number of Bitcoin-holding wallets reached 54.71 million on the 13th (local time), approaching the all-time high (54.72 million in January 2025).

Analyst Crypto Dan predicted, "Global confidence in Bitcoin is increasing due to institutional fund entry and improved regulatory environment," adding, "Bitcoin's fundamentals will become even stronger as the market size expands in the future."

Son Min, BloomingBit Reporter sonmin@bloomingbit.io